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Bringing enough USD cash

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  1. #11

    Join Date
    Jan 2003
    Location
    Back in Toronto now - after 10 1/2 years in HK
    Posts
    945

    Whatever you do, avoid as far as possible that fancy looking tourist trap currency exchange booth called Travelex, whether dominant at the airport or at key locations in the city such as IFC mall connected to the Airport Express Hong Kong Station. Absolutely rip-off rates.

    wtbhotia likes this.

  2. #12

    Hello.

    I had experience of changing USD to HKD. HK Airport's rates are not good. You can goto Chungking Mansion or Mirador Arcade in TST, there are many exchange shops, rates are good on Monday to Friday daytime. The rates are slightly not the same after 4 or 5pm and on Sat, Sun and Public Holidays.

    Or you can open an USD account in HK, and ask the bank if you can deposit USD cash or not. Some will. some will not. My bank is a smaller bank and allows USD account holder to deposit and withdraw USD cash at their branches. It has online banking service exchanging USD and HKD. You will need a HKID card and a HK bill showing your HK address to open an account.

    Currently, I am starting a business in HK and China involving PayPal and other payment systems, so I am reseraching about the foreign exchange and banking services these few days.


  3. #13

    Yes, US bank cards are charged a fee when used outside of the US.

    I am now looking into Paypal, Western Union and other payment systems.
    I want to know the fee for sending money from the US to HK and vice versa, with USD or HKD being the currency,

    Original Post Deleted

  4. #14

    Yes, the rates vary across HK , but the middle rate is about 7.7503 these few days. The middle rate can only be between 7.7500 to 7.8500 as stated by HKMA, the central bank of HK.

    You can get a good rate at about 7.7440 for USD to HKD at some banks in HK with the best TT rate. The cash exchange rate is lower. For wiring USD from overseas to HK, better wire it to a USD account in HK, then change it to HKD at local HK bank's rate.

    Quote Originally Posted by hktraveller:
    Interesting. There seem different levels of rates. The guy in Mirador Mansion who buys for 7.72 sells for 7.735

  5. #15

    You will usually be charged a minimum HK$50 fee when changing foreign currency at banks in HK if you do not have their bank accounts. You can goto moneyexchange shops, good rates can be found in some near Sheung Wan MTR station or TST Chungking and Mirador. You should compare the rates between a few shops in the same area.

    Renminbi and USD have the best rates in HK compared with other currencies, and are the most familiar foreign currencies among HK locals and shops.

    Quote Originally Posted by Open Casket:
    Where is the best place to change it? A bank?

  6. #16

    To answer how much to bring, it really depends on how much you plan to spend on accommodation, transportation and daily expenses. It could really be a wide range. I'd calculate based off the numbers people gave here and then calculate how much that is in USD.

    As for converting it, you should check with your current bank what the exchange rate is and the related fees. For your reference, I've found from my various options (very recently, so this isn't outdated info):

    1. Citibank Gold US has the best exchange rate from my options - was something like 7.75 something or 7.76. We tested it by withdrawing HKD 500 and then HKD 4000. The exchange rate was the same, so it seemed like there were no additional fees. There are various types of accounts, some that are tailored to those who travel often.
    2. Standard Charterred HK had a rate around 7.7389 but only for my particular account and if you have a USD account and transfer it to your HKD account. They have a lower rate if you're simply exchanging USD to HKD in cash form.
    3. Chungking Mansions by far has the worse rate of the three I've been observing at about 7.70 - 7.72. It used to be much better than the banks at about 7.76 about two years ago, as far as I remember.


    If you plan to withdraw from your overseas account at an ATM here, do check and consider these things:
    1. Check if you need to authorize overseas withdrawals and if they have to be for a certain period.
    2. Also note the maximum daily limit you can withdraw while overseas from your current bank.
    3. Then keep in mind that ATMs in HK might have a HKD 4,000 - 10,000 withdraw limit.


    Hope you have a safe trip and fun in HK.
    shri likes this.

  7. #17

    Join Date
    Aug 2015
    Posts
    112

    Thank you all for your kind responses.
    Can please comment on how to carry out new apartment lease if there is no HK bank account? I heard that you need HKID for bank account opening and HKID takes a month to get it?
    Please comment.

    dpmlicious likes this.

  8. #18

    Join Date
    Dec 2002
    Location
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    47,968

    The physical ID card (smart chip thingy) takes a month to get.

    If you have a valid working visa, you can queue up on day 1 and get a paper identification document the same day. This is good enough for MOST purposes, including bank account opening.

    The fun starts when you open a bank account - if you're with a large enough company, HR will be able to set you up with a bank that they do business with and the account should be easy to open. If not, you may have to jump through some hoops to get a serviced apartment sorted and some sort of semi-permanent address. Worst case scenario, bring proof of address from back home - utility bills, existing bank statements etc.

    The account opening should take a couple of days depending on which bank you open with and how much of an arse the person opening your account is. Sometimes better to just go to the main / larger HSBC / SC / Citi offices as they're more used to opening accounts.

    Bring enough cash to last you for a week, make sure that your credit cards / ATM cards do not have any access blocks on them for overseas use / withdrawals and you should be fine.

    Some HR departments will also front a couple of months worth of salary or a portion of it to help new employees get settled. (20+ years ago when I moved, I think I was given 6 weeks salary as a settling in allowance which I then used to open a accoutn with my company's bank, and my company was not that large..).

    dpmlicious likes this.